Markets Right Now: Asian shares fall after rout on Wall St

Markets Right Now: Asian shares fall after rout on Wall St

All but two of its 50 members are down this month, with last year's favourites Tencent Holdings Ltd, Sunny Optical Technology Group Co and AAC Technologies Holdings Inc losing more than 17%. Bond prices rose, sending yields lower as traders sought safe-haven investments.

Hong Kong's Hang Seng index sank 3.1 percent.

Market favorites including Amazon and Apple fell sharply.

An equities rout that wiped out this year's gains for US stocks is poised to spread to Asia Thursday as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs.

Caterpillar's stock price tumbled after the heavy equipment manufacturer warned that Trump's taxes on imported steel were driving up production costs.

Nate Thooft at Manulife Mutual Funds said: "Costs are increasing and it's often tariff-related". "If tariffs didn't come up in earnings calls and commentary, then maybe you could say we were moving away from that, but the opposite is happening". The Dow and S&P 500 erased their gains for the year.

Germany's DAX slid 2.2 percent and France's CAC 40 fell 1.7 percent lower. It closed down more than 100 points.

The Nasdaq slid 10 points, or 0.1 percent, to 7,457.

The S&P 500 lost 3.1 per cent to 2,656.10 and has lost about 9.4 per cent from its September 20 peak.

All 11 major S&P sectors were in the red, with the defensive utilities, real estate and consumer staples indexes posting the smallest losses.

Virat Kohli becomes fastest batsman to reach 10,000 ODI runs
Kohli, who will turn 30 next month, was dropped on 44 by West Indies captain Jason Holder off debutant seamer Obed McCoy. However, Chahal had the last laugh when Hetmyer top-edged an innocuous short ball for a skier to Kohli at short cover.

The reasons for the slump in Asia are well known: there's the US-China trade war, worries about slowing economic and earnings growth, tech shares plunging and rising rates amid Federal Reserve tightening.

That was the biggest one-day fall for the technology-focused index since August 2011.

Earnings from S&P 500 companies are expected to have increased about 22 percent in the third quarter from a year ago, though 2018 is seen as a peak for the profit cycle, according to I/B/E/S data from Refinitiv.

Tech shares were among those hardest hit, with Amazon falling 5.9%, Facebook down 5.4%, Google owner Alphabet off 4.8% and Netflix sinking 9.4%. Beazer Homes USA slumped 6.9 percent to $8.57. Intel, due to report earnings later this week, fell 4.7 percent.

It rose 1.3 per cent to Dollars 354.65 after the defence contractor's latest quarterly results topped analysts' forecasts.

Major equities benchmarks in NY tumbled to start the trading day on Tuesday, before rebounding to recoup most losses by close. Silver gained 1.4 percent to $14.79 an ounce.

Energy stocks declined despite the pickup in USA oil prices.

The dollar weakened to 112.19 yen from 112.82 yen on Monday. The region's equities have already lost more than $4.9 trillion in value this year, and Thursday isn't looking pretty. The euro fell to $1.1387 from $1.1467.

Worldwide credit rating agency Moody's has downgraded Italy's credit ratings in response. Japan's Nikkei 225 index rose 0.4 percent after a private survey pointed to a recovery in manufacturing in October. Australia's S&P-ASX 200 dipped 1.1 percent.

Related Articles

  • ‘Buck stops with prince for death of Khashoggi’

    ‘Buck stops with prince for death of Khashoggi’

    British Prime Minister Theresa May said its Saudi arms sales were "under review", a stance similar to that expressed by Australia. Instead, he said, Saudis are more supportive of MBS, as the crown prince is familiarly known, because he is under attack.
    May: Brexit deal '95% done'

    May: Brexit deal '95% done'

    Raab said it was "understandable that there are jitters" but urged fellow Conservatives to "hold our nerve". The prime minister said she didn't want that to happen, but noted it may be useful for certain situations.
    Google makes it easier to wipe your search history

    Google makes it easier to wipe your search history

    This huge software developer also promises "next year, we'll expand this to Maps, followed by many other Google products". In India too, global tech giants are being put under scrutiny over measures they are taking to enhance user privacy.
  • Utah Track Athlete Lauren McCluskey Killed On Campus

    Utah Track Athlete Lauren McCluskey Killed On Campus

    Lauren was a valued a member of our Pullman Public Schools family, and graduated from PHS in 2015. "They are heartbroken. University President Ruth Watkins said classes were cancelled Tuesday and a vigil would be held Wednesday night.
    Middle school girls plan satanic mass murder

    Middle school girls plan satanic mass murder

    Police say they believe the students' parents, who have not spoken publicly about the allegations, were unaware of their plan. Detectives say the girls came up with the bloody plot while watching " scary " films at one of their houses over the weekend.
    Apple, Samsung fined millions by Italy for 'planned obsolescence' of phones

    Apple, Samsung fined millions by Italy for 'planned obsolescence' of phones

    The Italian agency hasn't explained its decision to fine Samsung, but Apple has been up front about what it did and why. The video ad, dubbed "Moving On", follows on from last year's "Growing Up" campaign, and sees Samsung using ...
  • Megyn Kelly's NBC 'Today' Morning Show Expected to End After This Season

    Megyn Kelly's NBC 'Today' Morning Show Expected to End After This Season

    He also pointed out that the racist laws against black people known as Jim Crow laws were named after a minstrel show reference. You know it's bad when your coworkers and even your friends give you the, "Nah sis, try again" treatment.
    Qualcomm launches the mid-range Snapdragon 675 geared towards mobile gaming

    Qualcomm launches the mid-range Snapdragon 675 geared towards mobile gaming

    There is also the support for popular tools and APIs including Vulkan, OpenGL 3.2, OpenCL, and Snapdragon profiler. The Qualcomm Snapdragon 675 may be the successor to the 670, but it has a few downgraded specs.
    Pochettino admits Tottenham's Champions League campaign is 'nearly over'

    Pochettino admits Tottenham's Champions League campaign is 'nearly over'

    However, former Newcastle striker De Jong's late flick meant more European misery was inflicted on Spurs. Spurs goalkeeper Hugo Lloris was shown a red card for this foul on PSV forward Hirving Lozano .
  • Suspicious Package Addressed To Robert De Niro

    Suspicious Package Addressed To Robert De Niro

    The FBI late Wednesday confirmed that two additional packages, similar in appearance to the others, were addressed to Waters. De Niro has been an outspoken critic of Mr Trump, declaring at one stage he would like to punch the president in the face .
    How plastic particles end up in our bodies

    How plastic particles end up in our bodies

    A 2017 study found that Americans likely eat at least 660 particles of microplastic each year - and that's just from salt intake. He notes that in animal and fish studies , microplastics have been shown to cause intestinal damage and liver stress .
    Suspicious Package At Debbie Wasserman Schultz's Office

    Suspicious Package At Debbie Wasserman Schultz's Office

    The device sent to Time Warner Center was constructed with a pipe and wires, according to a New York Police Department source. Neither Obama nor Clinton received the packages sent to them or were at risk of receiving them, the Secret Service said.